University of New Brunswick spin-out Smart Skin banks $3.9m from a number of backers for artificial touch-sensitive film.
Smart Skin Technologies, a spin-out of the University of New Brunswick, has secured $3.9m in series A backing for its touch-sensitive film technology.
Leading the round are venture firms Rho Canada Ventures, Build Ventures, and GrowthWorks Atlantic Venture. Also joining in participation are existing backers including East Valley Ventures and the New Brunswick Innovation Foundation, who participated in a $1.5m seed round, and other angel investors. The firm has now raised $5.4m in venture backing.
Smart Skin’s product Quantifeel is an artificial touch-sensitive film which provides operators with precise, real-time measurement for production lines. The technology has already attracted six of the top ten beer producing firms in the world, as well as several food and packaging firms.
Founded in 2009, the Canada-based firm officially launched last year. It plans to use the latest chunk of funding to accelerate product development as well as expanding its customer base.
Kumaran Thillainadarajah, Smart Skin Technologies’ founder and chief executive, said: “We’ve experienced strong customer traction since our launch late last year. We have a powerful solution to a problem plaguing bottling and packaging companies that will save them millions of dollars each year. Our product is already deployed on factory floors around the world and with this new round of funding partners, we have the fuel to continue our growth and develop new products.”
